Tech Stocks Crash: Bitcoin Shows Strength as Meta & Amazon Dip
Bitcoin (BTC), the largest cryptocurrency by market cap, is outperforming major tech stocks such as Amazon and Meta. The development adds weight to BTC’s decoupling from tech stocks . While major tech companies reported a lackluster Q3 earnings report, Bitcoin continued to show strength. Amazon shares dropped by 20% during out-of-hours trading. At over $230 billion, Amazon recorded the largest post-close loss in history. Regarding the firm’s Q3 report, Amazon CEO Andy Jassy stated, “There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets.” Meta stock, on the other hand, fell by up to 24%, reaching 2015-levels of below $100. Almost the entire tech sector has suffered losses this year, but Meta’s stock decline has surpassed the sector as a whole. Meta shares are down 67% from a year ago, compared ...